Q1 2015 Update

12 May 2015 Table of Contents

Executive Summary 3

Macroeconomic Update 5

Q1 2015 Results 8

UBN Update 16

BRD / BPR Update 20

Outlook 22

2 Executive Summary

3 Executive Summary

. Reported profit of US$0.5m at the group level Atlas Mara Q1 2015 Results . Income from associates (Union of ) offset headwinds in Southern segment on loan growth and interest margins

Focus on . Multiple initiatives underway with an emphasis on credit lifecycle management and near-term revenue Operational enhancement; impact expected to be recorded during H2 2015 Improvements . Further senior hires / management changes effected to enhance performance and execution of strategy at BancABC . Since publication of Atlas Mara 2014 results, UBN reported both its full year 2014 and Q1 2015 financials . The comprehensive transformation program is yielding results: Momentum at - Strong loan growth UBN - Margin expansion - Deft management of currency and sectoral exposures - Nearing completion of disposals of non-core businesses . 27 April 2015 announcement of discussions to combine Banque Populaire du (“BPR”) with BRD Commercial Expansion in . Proposed transaction will lead to Atlas Mara having a > 70% stake in Rwanda’s No. 2 bank by assets, Rwanda consistent with stated strategy of being top 5 in its markets . Intention to close in Q3 2015 . Continue to evaluate several near-term acquisition opportunities, consistent with strategy of achieving Other critical scale, and associated external financing Developments . Board of Directors has renewed the authorization to acquire up to 10% of the Company’s issued share capital

. Atlas Mara remains confident 2015 results will show improvement over 2014 adjusted pro forma results Outlook . Medium-term guidance with respect to ca. 20% RoE and ca. 2% RoA remains unchanged

4 Macroeconomic Update

5 Macroeconomic Update

. In April 2015, the IMF published its updated World Economic Outlook (“WEO”), including commentary on the prospects for sub-Saharan :

- “Growth for 2014 as a whole remained solid at 5.0%, albeit lower than the 5.2% growth in 2013”

- “Projected to experience solid growth in 2015-2016, but, given the weaker global outlook, its economic prospects have been revised downward relative to earlier expectations”

. Despite revisions, growth in sub-Saharan Africa remains robust compared to developed economies

GDP Forecasts in Atlas Mara Markets Consumer Price Forecasts in Atlas Mara Countries

% change 2014A 2015 2016 2020 % change 2014A 2015 2016 2020 5.5% 5.5% 5.4% 5.8% Botswana 3.9% 3.7% 3.8% 3.9% 7.4% 6.5% 8.1% 14.5% Mozambique 2.3% 5.0% 5.6% 5.6% Nigeria 6.3% 4.8% 5.0% 6.0% Nigeria 8.1% 9.6% 10.7% 7.0% Rwanda 7.0% 7.0% 7.0% 7.5% Rwanda 1.8% 2.9% 4.4% 5.0% 7.2% 7.2% 7.1% 6.9% Tanzania 6.2% 4.2% 4.5% 4.5% 5.4% 6.7% 6.9% 6.4% Zambia 7.9% 7.7% 6.5% 5.0% 3.2% 2.8% 2.7% 3.7% Zimbabwe -0.2% 1.0% 0.0% 1.9%

Source: International Monetary Fund World Economic Outlook April 2015 6 Recent Developments in Nigeria

Overview Nigeria All Share Index

. Clear, credible, and peaceful elections in March 2015 38,000 Election 28 Mar - First ever win by opposition party 34,000 - New president faces major challenges including Boko Haram, infrastructure funding gaps, and low oil prices 30,000 - Financial markets nonetheless optimistic about new leader, a disciplinarian who has promised to reshape the economy 26,000 - Naira has stabilized following late 2014 depreciation Nov-14 Dec-14 Feb-15 Mar-15 May-15

Nigeria Banking Stocks

. Despite overall real GDP growth projections slowing from ca. 110 6%, non-oil GDP growth accelerating to ca. 7% YoY

90 . Banking sector profitability faces some headwinds (phasing out of Commission on Turnover, additional AMCON levy, and 70 FX loans and Oil & Gas exposure affecting NPLs)

50 Nov-14 Dec-14 Feb-15 Mar-15 May-15 . Net interest margins should benefit from further rate hikes in response to downward pressure on NGN NGN / US$ FX Rate

Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 May-15 150 . Long-term economic outlook remains strong on sheer demographic size and growth potential, coupled with 170 expectations of government crackdown on corruption

190

210

Source: Arqaam Capital Limited, Bloomberg, CapitalIQ 7 Q1 2015 Results

8 Selected Initiatives in Process

A comprehensive programme of operational improvements has been implemented in BancABC under the mantra “Fit for Growth” and is representative of Atlas Mara’s “Buy, Protect, Grow” business model Capital and . Have provided up to US$100m of funding to BancABC to provide liquidity and capital (Tanzania) Liquidity . Ongoing work across BancABC countries exploring acquisitions to improve overall market position, as well as evaluation of M&A new markets . Continued focus on achieving a top 3-5 position to achieve long-term scale benefits and improved economics Top Talent . Board of ABCH restructured and recruiting new independent non-executive directors Recruitment . Changes to senior management and brought onboard new top talent from major African

. Re-evaluation of Tanzania strategy resulting in a recapitalization and execution of refined strategy . Corporate banking strategy to be re-developed with Head of Corporate Banking joining Strategy . Future focus on Markets revenues (FX and fixed income) . Retail strategy and client value proposition to be enhanced through new Retail Head

Revenue . Lower overall cost of funding via focus on improved transactional banking (retail and corporate) Optimization . Focus on improving share of wallet from existing relationships (cross-selling) and . Seeking to deploy full suite of retail products including improved electronic channels (ATM, Internet, Mobile) to enable effective Diversification competition Brand . Currently evaluating brand endorsement strategy between BancABC and Atlas Mara brands Endorsement . Will be used for both internal and external (client and stakeholder) messaging Strategy . Improved regulatory compliance and build-out of the compliance function Risk, . Analysis of credit process deficiencies and roll-out of multi-year improvement program Governance . Improved liquidity and capital management and Controls . Strong focus on NPL recovery Regulatory . Emphasis on continuously engaging constructively with regulators Relationships . Involvement of BancABC and Atlas Mara senior management

Operating . Responsibilities and accountabilities with appropriate linkages to rewards, recognition and consequences Model . Getting the matrix to work – supporting functional excellence with geographical execution . IT enablement, better project management and governance, improved application architecture Operational . Centralization / shared service delivery Efficiency . Head Office restructure and optimization . Overall aim remains to reduce the cost to serve our customers whilst improving service levels 9 Atlas Mara Limited – Q1 2015 Results Highlights (Unaudited)

. Profit reported at both ATMA consolidated level and at all operational banking entities, except Tanzania (where business performance turn-around is encouraging) . Non-interest income in line with expectations, driven by encouraging performance in foreign currency trading activities (esp. Mozambique and Tanzania, albeit still early days). Some uplift in in fee and commission Positives revenue as management continues to focus on cross-sell initiatives and a revised transactional banking strategy . Income from associates represents 31% current stake in UBN at an average Q1 NGN / US$ rate of 194.5 – contributed additional earnings of US$5.2m . All operating banks are within prescribed local regulatory limits for both liquidity and capital adequacy

. Credit impairments within the continued challenging macro environment in Zimbabwe and legacy asset quality concerns Headwinds . Market liquidity pressures (Zimbabwe, Botswana, Zambia), margin pressure (Botswana), slower loan book growth than expected (all countries) . Cost of funds remaining high and impacting negatively on net interest income

. Considerable focus on improving average cost of funding by increasing the transactional product offering and liquidity gathering activities across lower-priced market segments. Focus also remains on reducing reliance on the interbank market and government-backed institutions, which should benefit cost of funds longer-term. Numerous DFI initiatives are ongoing . Substantial focus on the credit processes in the operating countries, especially in relation to asset recovery Actions activities . Operating expenses at ATMA corporate center reflect a reduction quarter-on-quarter mainly due to lower transaction-related expenses (operational expenses at US$4.7m). Cost consciousness continues while also having the capacity for growth in our banking operations . Operational expenditure across BancABC countries is broadly in line with expectations with a strong focus to deliver savings in costs where budgeted revenue appears under pressure

10 Atlas Mara Limited – Q1 2015 Results Highlights (Unaudited) (cont’d)

Unaudited 2015 2014 Variance (5) (US$m) Actual Pro Forma Total CC . 2014 Pro Forma results represents the 1st quarter 2014 consolidation assuming Total Income (1) 44.3 46.8 (2.5) 0.9 ownership of subsidiaries and associates as of Provision for credit losses (5.1) (6.5) 1.4 1.0 1 January 2014 Total expenses (2) (42.8) (41.1) (1.7) (4.1) . Constant currency variance reflects the results Income from associates 5.2 7.8 (2.7) (1.4) on a constant currency basis excluding the Profit / (loss) before tax 1.6 7.1 (5.4) (3.7) impact of the strengthening US$ against Attributable profit / (loss) 0.5 4.1 (3.7) (2.1) African currencies year over year (i.e., reflects the operational performance variance). Excluding the currency impact, the variance Loans and advances 1,243.1 1,196.2 46.9 160.4 from Q1 actual results to Q1 2014 would only Total assets 2,568.7 2,334.6 234.1 402.8 have been negative US$2.1m. The currency Total equity (3) 653.9 677.7 (23.8) (10.9) impact on profit is therefore ca. US$1.6m Total liabilities 1,914.8 1,656.9 257.9 413.7 quarter on quarter Deposits 1,518.1 1,316.5 201.6 335.2 . Income from associates consists of the 22% direct shareholding in UBN and the indirect 9% No. of shares outstanding 70,790,263 - holding through ADC ownership (31% in total), Book value per share (US$) (4) 9.31 - contributing US$5.2m additional net profit to Atlas Mara Net interest margin 3.1% 4.6% . Equity at US$654m is US$28m lower than the Cost to income ratio 96.4% 87.7% US$682m reported as at 31 December 2014, Credit loss ratio 1.6% 2.2% largely as a result of the currency impact in the Return on equity 0.3% 2.4% revaluation of goodwill and intangible assets Return on assets 0.1% 0.7% accounted for as Other Comprehensive Loan to deposit ratio 81.9% 90.9% Income through equity

Notes: (1) Includes net interest income and non-interest income (2) Includes transaction-related expenses of US$2.0m (3) Total equity, including non-controlling interest 11 (4) Book value per share at 31 December 2014 was US$9.73 (70,714,636 shares in issue) (5) Constant Currency or reflective of the operational variance, excluding FX impact Atlas Mara Limited – Q1 2015 Segmental Results (Unaudited)

Unaudited

2015 Southern East West Corporate (US$m) Actual . The Southern segment includes BancABC subsidiaries in Botswana, Total Income (1) 44.3 40.0 2.5 - 1.8 Mozambique, Zambia, and Zimbabwe, Provision for credit losses (5.1) (4.8) (0.3) - - as well as ABC Holdings, which supports this region and other smaller country- Total operational expenses (40.8) (28.8) (4.7) - (7.3) based subsidiaries Transaction-related expenses (2.0) - - - (2.0) Income from associates 5.2 - - 5.2 - . The East segment includes BancABC Tanzania, Tanzania Development Profit / (loss) before tax 1.6 6.5 (2.5) 5.2 (7.5) Finance Corporation (TDFL) and BRD Attributable profit / (loss) 0.5 4.7 (2.1) 5.2 (7.3) Commercial

. The West segment consists of the Loans and advances 1,243.1 1,096.4 135.1 - 11.6 associate investment in UBN in Nigeria Total assets 2,568.7 1,693.3 259.3 8.3 607.8 (equity accounted for under IFRS) Total equity (2) 653.9 103.2 36.9 8.3 505.5 . Corporate includes the Atlas Mara BVI Total liabilities 1,914.8 1,590.1 222.4 - 102.3 corporate center, the ADC subsidiary in Deposits 1,518.1 1,292.1 209.3 - 16.7 Germany, other intermediate holding companies, as well as all consolidation entries Net interest margin 3.1% 5.2% 3.3% - - Cost to income ratio 96.4% 71.9% 185.2% - - Credit loss ratio 1.6% 1.7% 0.9% - - Return on equity 0.5% 18.3% (22.6%) - - Return on assets 0.1% 1.1% (3.2%) - - Loan to deposit ratio 81.9% 84.9% 64.6% - -

Notes: (1) Includes net interest income and non-interest income 12 (2) Total equity, including non-controlling interest Atlas Mara Limited – Q1 2015 Segmental Performance Drivers (Unaudited)

. Revenue in the Southern segment remains depressed largely as a result of a reduction in the reference rate at which banks lend to customers in Botswana, as well as subdued economic activity in Zimbabwe Southern . Encouraging results from the Mozambique treasury offset lower than expected fee income . Credit impairments remain a key focus, with increased efforts on asset recovery of non-performing corporate clients in Zimbabwe, as well as defaults on some corporate scheme loans in Mozambique

. Losses in the East segment were driven by slower than expected loan growth in Tanzania as the East turnaround strategy is being executed . BRD Commercial results were encouraging and in line with budget

. Compared to associate income trends at the end of 2014, UBN’s results showed lower growth due to the West non-recurrence of various one-off profits from the sale of non-core assets during 2014, as well as the continued depreciation of the Naira against the US$

. The net loss includes: Corporate and - Atlas Mara BVI (US$8.3m), which includes FX impact (US$1.4m), transaction-related expenses Consolidation (US$2.0m), operational expenses (US$4.7m) of which US$2.7m relates to staff costs - ADC net expenditure (US$0.97m)

13 Atlas Mara Limited – Q1 2015 Loans and Asset Quality

. Loans and Advances split evenly between Corporate & . Sufficient provision coverage across all countries Wholesale and Retail . Ratios exclude security / collateral, thus downside risk is less . Corporate & Wholesale portfolio diversified across than presented by these financial ratios industries . Broadly in line with market peers, considering the portfolio of assets and markets involved

Corporate & Retail: Wholesale: $657m (53%) $586m (47%)

Other (1) Construction 9% Energy and 2% Asset Provision Credit Loss NPL power Quality (2) Coverage (3) Ratio (4) Ratio (5) 3% Transport 3% Botswana 2.3% 79.5% 0.9% 2.9% Real Estate Mozambique 3.0% 29.3% 0.1% 10.2% 3% Rwanda 1.8% 76.3% 1.8% 2.4% Agroprocessing Tanzania 0.2% 2.2% 0.5% 9.6% 4% Zambia 5.5% 38.4% 1.3% 14.4% Public Service Personal / 4% Individuals Zimbabwe 6.3% 35.1% 3.4% 18.1% 53% Mining Total (6) 4.9% 40.0% 1.6% 12.4% 5%

Manufacturing 5%

Business Services 9% Notes: Excludes UBN, which is not consolidated in Atlas Mara’s financial results (1) Other includes Finance, Retail & Wholesale businesses, Trade, Communication and Tourism / Hotels (2) Asset quality = balance sheet provision / gross loans (3) Provision coverage = balance sheet provision / non-performing loans (4) Credit loss ratio = income statement impairment provision / gross loans (also referred to as ‘cost of risk’) (5) NPL ratio = non-performing loans / gross loans 14 (6) Ratios reflected on consolidation level, and thus include non-bank subsidiaries Foreign Exchange Developments

US$ strength is visible: currency depreciation impact on results

20.7% 20.3% . The impact of the strengthening US$ 19.4% 19.3% against African currencies on reported results was ca. 7.2% on total income, ca. 17.7% 6.1% on total expenses (providing a buffer) and ca. 8.4% on total assets

13.7% 13.9% . The impact on equity was only 1.9% 12.3% owing to consolidation entries in US$ 11.3% (ADC and ATMA BVI accounts reported 9.4% in US$) and equity therefore reflected as US$. On a stand-alone basis, the impact on equity of the BancABC Group was ca. 7.2%

. UBN consolidation had a net negative US$8m impact on equity due to 1.5% 1.1% translation losses upon consolidation, directly accounted for in Other BWP MZN NGN RWF TZS ZMW Comprehensive Income (against equity on the balance sheet) Average Month end

Source: CapitalIQ, Bloomberg Note: The chart compares variance between Q1 2014 and Q1 2015 FX rates on an average and month end basis 15 UBN Update

16 UBN – Q1 2015 and FY 2014 Performance (Bank)

% % . Improved performance Q1 2015 Q1 2014 FY 2014 FY 2013 (NGNm) change change across nearly all key metrics in FY 2014 and Q1 2015 YoY Gross Earnings 29,018 25,603 13% 109,821 103,225 6% . Strong asset growth driven NII after Impairment 12,506 12,610 (1%) 47,319 41,872 13% by Oil & Gas, Net Operating Income 10,076 11,072 (9%) 77,913 60,887 28% Manufacturing, Trade Profit after Tax 4,907 4,409 11% 20,486 5,121 300% . 2015 target loan growth of 35-45% and deposit growth of 25-30% Loans & Advances (net) 350,147 302,372 16% 302,372 210,118 44% Total Assets 956,754 920,936 4% 920,936 882,097 4% . 2014 NIM expansion of Shareholders’ Funds 211,582 205,974 3% 205,974 187,784 10% 100 bps, with 2015 target of another 120-140 bps

NPL Ratio - - 5% 6% - . Improved efficiency and cost management despite Cost to Income Ratio (1) 74% 76% 68% 74% - expenses for salary RoE 9.5% 9.4% 10% 3% - alignment to market levels

RoA - - 2.3% 0.5% - . Liquidity Ratio declining Capital Adequacy Ratio (2) - - 16.4% 24.8% - via shift from lower- earning government Liquidity Ratio - - 43% 63% - securities to customer Loan to Deposit Ratio 70% 64%(3) 64% 48% - loans (min 30%)

Sources: UBN Analyst Presentation (30 April 2015), UBN Q1 2015 financial results Notes: 1Q 2015 results are unaudited (1) Cost to Income Ratio is net of restructuring cost 17 (2) 2014 Capital Adequacy Ratio is based on Basel II (3) Reported as of 31 December 2014 UBN – Transformation Plan Update

. In 2012-2013, the new Board of Directors and Executive Management embarked on a comprehensive transformation program aimed at returning UBN to its place among Nigeria’s leading financial institutions . The program spans key functional areas and has yielded significant progress to date

Strategic Goal Achievements to Date

. Upgraded to Oracle Flexcube platform Technology . Enhance technology infrastructure and MIS to . First Nigerian bank awarded PCIDSS 3.0 (payment and Systems support strategy and growth acceleration card security standard)

Internal . Established centralized processing center . Streamline internal operations groups Operations . Improved systems in Trade, Treasury, Collections

. Upgraded 12 branches Customer . Optimize branch network and expand customer . Grew ATM network more than 3x Access access across channels . Enhanced online and mobile platforms

. Filled key expertise gaps Talent . Recruit, reward, and retain the right people . Retrained existing staff . Aligned compensation to market levels

Brand and . Enhance brand and communications to accelerate . Launched “UnionFacts” PR campaign Marketing growth . Increased CSR and sponsorship efforts

Segment . Develop Retail, Commercial, and Corporate value . Currently developing distinct segment value Re-Focus propositions, sales & service models propositions

Source: UBN 18 UBN – Asset Diversification

Gross Loans 2014 Gross Loans 2013 Non-Performing Loans 2014

1% 2% 3% 6% 7% 6% 16% 14% 16% 14% 11%

6% 8%

8% 7% 12% 28% 11% 9% 13% 7% 44% 5% 11% 6% 10% 7% 3% 9%

Agriculture O&G Upstream O&G Downstream O&G Services Construction Wholesale & Retail Trade Public Sector Manufacturing IT & Telecommunications Individuals Other

. 2014 YoY growth of 41% driven by oil and gas (up 49%), manufacturing (up 65%) and wholesale & retail (up 51%)

. Top 3 sectors contributing to NPLs are manufacturing (44%), wholesale & retail (28%) and individuals (16%)

. As at March 2015, the foreign currency denominated loans constituted approximately 34% of the total loan book (38% at December 2014)

. UBN remains focused on continuous mitigation of the exposure to unforeseen shocks by prioritizing asset quality through diligent and systematic approach to risk management

Source: UBN 19 BRD / BPR Update

20 BRD – Proposed Acquisition of Banque Populaire du Rwanda (“BPR”)

BPR Background Transaction Rationale / Next Steps

. Founded in 1972 with the assistance of Switzerland and a two-fold . The proposed combination represents a unique opportunity to merge mandate: (i) to offer reliable and affordable deposit products and (ii) BRD Commercial with the second largest bank in Rwanda and to stimulate the creation of SMEs by democratizing credit. accelerate Atlas Mara’s strategy in both Rwanda and the East Africa Transformed from a cooperative into a commercial bank in Community, more broadly 2007/2008

. The large shareholder base and rural presence arise from BPR’s . The merged BRD Commercial and BPR entity will have a significant roots in the cooperative movement, as it was originally established market share, tremendous customer reach through an established as an amalgamation of several agricultural based cooperatives branch footprint before converting into a licensed commercial bank in 2008 . Today, BPR is the 2nd largest commercial bank with total assets in excess of US$232m and over 190 branches. The bank has more . Next Steps: Negotiation of binding legal documentation and reverse than 600,000 shareholders and 1,600 employees, with a strong due diligence in progress. Integration planning in progress, selection footprint in rural Rwanda of key management hires to be part of integration plan, expected to be submitted to regulators by end of May. Target signing of binding . The loan book is majority (95%) retail, focusing on mortgages, agreements: 2Q 2015. Target transaction close: 3Q 2015 consumer loans, equipment loans and overdrafts. Deposits are also retail focused with a high CASA ratio above 70%

Implied Transaction Pricing Pro Forma Ownership (Indicative)

1 2 3 $9.7 m $54.5 m $22.3 m Local, 9% $22.5 m Rabobank, 14% Capital injection BRD-C merger Purchase of Total combined contribution unregistered local consideration shares ATMA, 77% . Steps 1 and 3: Total cash outlay of US$32.3m; resulting in 77% Atlas Mara stake in the merged entity

Note: FX rate is 1 US$ = 684.2RWF 21 Outlook

22 Guidance: Focused on Delivering Results and Shareholder Returns

KPIs Rationale Target

. Profit pools are correlated to size in many of the Market position markets in which Atlas Mara operates (by assets, loans and/or . A strong market position enables more Among the Top 5 deposits) competitive costs of funding and thus, competitive Buy pricing of risk . There will likely be an integration / enhancement Book value per share and Acquisitions to be period, but Atlas Mara remains focused on earnings per share accretive in 3 years generating tangible value for shareholders 60-65% in the medium- Cost-to-income ratio . Focused on creating efficient, scalable platforms term Protect . Sound credit and risk management processes are NPL-to-total loans < 4% across the platform core to Atlas Mara’s strategy . Atlas Mara intends to continue broadening its Increase in countries of Atlas Mara expects to be platform and geographic footprint to participate in, operation, customers and in 10+ countries in the and contribute to, the growth of financial services employees medium term across sub-Saharan Africa . In connection with the strategy of achieving a top Loan and deposit growth 5 position in our markets of operations, above- Growth > 1.5x GDP Grow relative to GDP and peers market loan and deposit growth is growth expected/required . Measure of capital efficiency upon which Atlas ca. 20% in the medium Return on average equity Mara remains highly focused term . Represents a measure of balance sheet efficiency ca. 2% in the medium Return on average assets and, when analyzing return on equity in parallel, term the impact of leverage on earnings

23 2015-2018 Return on Equity Development – Illustrative

BUY

GROW

PROTECT

Existing Atlas Mara Platform Acquisition Pipeline

24 Note: Figures above do not total due to rounding Valuation Upside Potential

Atlas Mara Selected Peers Share Price Market Cap Share Price Market Cap P/BV (2) P/TBV (3) Company P/BV P/TBV ($) ($m) (1) (LCY) ($m) 7.00 496 0.8x 1.0x West 7.50 531 0.8x 1.0x Access 5.99 691 0.5x 0.5x 8.00 566 0.9x 1.1x Diamond 4.60 537 0.5x 0.5x 8.50 602 0.9x 1.2x GT Bank 28.75 4,088 2.3x 2.4x 9.00 637 1.0x 1.2x UBA 5.29 818 0.6x 0.6x 9.50 673 1.0x 1.3x Zenith 21.15 3,349 1.3x 1.3x 10.00 708 1.1x 1.4x Ecobank 0.30 1,412 0.8x 0.9x 12.00 849 1.3x 1.6x Standard Chartered Ghana 20.31 612 4.7x 4.7x 14.00 991 1.5x 1.9x Average 1,644 1.5x 1.5x 16.00 1,133 1.7x 2.2x 18.00 1,274 1.9x 2.5x 20.00 1,416 2.1x 2.7x East 22.00 1,557 2.4x 3.0x Equity Bank 49.25 1,925 3.0x 3.2x 24.00 1,699 2.6x 3.3x Kenya Commercial Bank 62.50 1,968 2.5x 2.5x 26.00 1,841 2.8x 3.6x NIC Bank 59.00 398 1.5x 1.6x CRDB Bank 415.00 454 2.2x 2.2x (4) Bank of 295.00 292 2.2x 2.2x Atlas Mara Highlights: Average 1,186 2.3x 2.3x . Unique, diversified footprint in high-growth African markets . No exposure to lower-growth Southern Letshego 3.07 688 1.7x 1.7x . World-class management team Africa 190.58 13,393 2.0x 2.0x . Global compliance and corporate governance FirstRand Limited 56.83 26,453 3.8x 3.8x standards Standard Bank 174.60 23,437 2.0x 2.4x . London listing Average 15,993 2.4x 2.5x

Notes: Peer information sourced from CapitalIQ as of 1 May 2015 (1) Based on 70,790,263 Atlas Mara shares outstanding as of 31 March 2015 (2) Based on Atlas Mara book value per share of US$9.31 as of 31 March 2015 (3) Based on Atlas Mara tangible book value per share of US$7.31 as of 31 March 2015 25 (4) Multiples for Bank of Kigali based on 30 April 2015 close of RWF 295 and shares outstanding of ca. 670m. Book value and tangible book value sourced from 2014 audited financial statements. RWF / US$ rates of 679.575 and 677.866 as of 31 December 2104 and 30 April 2015 respectively Disclaimer

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Except as may be required by applicable law or regulation, the Company assumes no obligation to publicly release the result of any update or revisions to these forward-looking statements to reflect new information, future events or circumstances after the date hereof, or otherwise. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties.

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